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I'd like to get the course of the guy who talks about taxes, I can't remember his name. He was a great speaker though. Make sure you go see James Allen (I think that's his name) too, he was the best in my opinion - but it was like $5,000 for his course lol...great speaker though

Shemin was good, Kiyosaki was good but kind of bland

Some books I enjoyed include "The unofficial guide to real estate investing" (Kind of dry though) real estate riches by dolf de roos, and the ABC's of RE investing by ken mcelroy

I have an audio CD thing from Robert Shemin which in my opinion is absolutely fantastic - especially with negotiation skills. However, its about $1000 so it's kind of expensive, but definitely worth it. I split the cost with my brother when we got it so it wasn't too bad.

I think the best situation you could do is this..

Buy a few audio CD's and books about apartment buildings and landlording. Spend a month or 2 just learning

Buy 1-2 properties and spend 6 months managing them so you get a feel for it. I'd say use 10-15% down payment on each, but make sure you're going to have a good cash flow before buying

Once you're comfortable...buy more at 10% down payment until all you're money is gone!

If you buy right and manage properly, I think you would be able to get more than $4,000 cash flow by then..depending on the current market in your area

edit- You can always just give me the $500k. I'll give you 50% of the profits and you won't even have to do anything :)

Yea I get what you mean.

That's why I was going to see if they've done any repairs or know the repairs that need to be done first

If it's something that I'll have to gut-out I won't do it just because of my inexperience. However if the repairs would be under $20,000 or so I might

All that obviously depends on if everything else works out as well

Don't worry, I'm not the type of person to just buy something because it's low priced haha. I'll definitely do alot of homework on this beforehand

I agree....although I'll definitely get my money's worth out of it so I'm an exception. I've learned SOOOOOO many things that I've never seen talked about in forums or anything, and plus it's awesome just to have it all laid out for you instead of searching for things and going through 1000 posts just to find an answer to something

In that respect, I don't mind paying $500 for something that'll make me 100x more than that in the long run

I thought James Smith was great as well. Definitely the funniest guy there.

I ended up splitting the cost of Robert Shemin's course with my brother (who went with me) and I love it. I'm going through it for the 2nd time now and it's absolutely awesome for a beginner. Probably even good for an experienced RE investor, but I wouldn't know since I'm only a beginner haha.

The only thing that sucks is I found it on ebay for about 1/2 the price when I got home. Oh well though.

I haven't, but that would be a great idea if you needed some quick cash for repairs or something.

Ok here's my situation

I'm a 21 year old college student and work at a restaurant where I made roughly $10k last year. I have almost no bills and also have a website which I make just under $300/month from at the moment (it gets a little higher each month)

I'm looking at a 4-plex in my area thats selling for $65,000 and has been on the market for quite awhile. It has a good amount of repair work that needs to be done. I looked on the outside and what I could see is that it needs a new roof, paint, and 1 new window. I didn't look on the inside

The rents would be roughly 400/month when it's fixed up.

Here is my problem. Since I don't make much each year and only have about 2k for a down payment I'm definitely going to have a hard time getting a mortgage for it. I would say I'd need at least 15-20k for repairs, but even if I paid say 55 for it plus 20k for repairs..that'd still be a great deal getting a 4plex for $75,000.

Also, my dad's been a contractor for like 25 years and my girlfriends brother is an independent contractor as well, so I know I wouldn't get ripped off on the repairs

So here are my questions:

1) Would it be better for me to partner up with somebody? (Say my brother, who makes alot more money than me and is also getting into real estate)

2) I'm going to stop at a "100% mortgage financing company" that I just noticed in my town. Is there anything I should say to them to make me more credible? Obviously they'll have some big doubts giving a mortgage to a 21 year old investor lol

My plan was to go to the mortgage company and see what kind of mortgage they could give me, then start doing more homework on the property

yea i know...when i meet this lady on tuesday i'm goig to try and find out what he's got left on the mortgage and try to see if i can work something out

There are alot of programs for 100% financing nowadays, and for a 30k property financing shouldn't be a big issue. I could pay for all of it even with NO rent coming in

I can even apply for an FHA loan since it'll be my first house...and just do the 3% down which would be 1k..i could come up with that

yea I figured that the other option I would have is just adding it to the selling price...however, i'll try to get him to pay the closing costs first anyway. He's motivated so it might happen :)